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Vietnam's social network is 'in the red' because of the unprecedented plunge in Bitcoin prices

The social network is 'flooded with red' because Bitcoin has depreciated

Vietnam's social network, especially Facebook, became lively when many people discussed and shared after the price of Bitcoin and other cryptocurrencies plummeted by 50% in less than 24 hours.

“Opened your eyes and saw tens of millions, right on Friday 13th”, Hoang Linh, a Bitcoin player in Hanoi shared on his personal page. Attached in Linh's article is a price chart of Bitcoin and many other cryptocurrencies, most of which are in red, signaling the value of the currency is going down. Many friends have commented sympathetically.

According to the data on the Coinmarketcap site, at 17:00 on 12/3, each Bitcoin cost about $ 7,400 (171 million), but just over an hour later, at 18h15, this figure was only 6,100 USD (141 million). Bitcoin price “bottomed out” at more than 9am on 13/3, down to about 4,200 USD (97 million), ie about 43% of the value lost in 14 hours. The price of many other cryptocurrencies like Ethereum, XRP, EOS … also dropped by tens of percent.

"The impact of Covid-19 is too great. Just a week ago, it has increased, but now it 'has dropped its well', Nguyen Manh, an office worker in Hanoi, shared on his personal page the same price chart of cryptocurrencies in red. “Sinking wells” is the term used by some coin or stock players, referring to the value of coins or stocks plummeting quickly.

Manh has not played Bitcoin for many years, after losing nearly one hundred million dong because of this cryptocurrency. “However, my friends still have many people working in the field of blockchain, cryptocurrency, so I posted to share information for everyone,” Manh said.

Talking about why Bitcoin and other cryptocurrencies lost their value suddenly, Manh predicted that it might be due to the impact of the disease caused by Covid-19. “It is possible that investors had to 'dump' large amounts of coins to raise capital for other markets, leading to this impact,” he said.

Bitcoin and other cryptocurrencies (Cryptocurrency) were considered as a “super-profitable 'investment in 2017 and 2018, attracting many Vietnamese to invest in making profits. At the beginning of 2018, a Bitcoin used to cost nearly $ 20,000 (460 million), but then continuously decreased, at one point, the digital currency dropped by nearly 80% in less than a year, resulting in an amount of large amateur investors leave the market.

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According to VnExpress
Recompiled ToiYeuBitcoin

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